The Central Bank of Nigeria has announced a revised sanctions regime that will penalize commercial banks and accredited cheque printers for failing to comply with established cheque production and processing standards. The apex bank’s latest policy update, released in a circular dated February 10, 2026 and signed by the Director of the Banking Services Department, Hamisu Abdullahi, sets clear financial penalties for specific breaches under the Nigeria Cheque Standards (NCS) and the Nigeria Cheque Printers’ Accreditation Scheme (NICPAS 2.0).
The objective of this policy shift is to strengthen the integrity, security, and operational efficiency of Nigeria’s cheque clearing system. According to the circular, inadequate adherence to the standards that govern cheque design, printing, approval, and engagement of authorised service providers undermines systemic confidence and exposes stakeholders to risk. The CBN described the review as necessary to reflect current industry realities and to reinforce established controls.
Under the updated sanctions structure, commercial banks that engage unaccredited cheque printers or personalisers face fines of up to N10 million. This measure targets the direct engagement of service providers who lack official accreditation and the associated operational safeguards. Banks found to have repeated this violation may incur fines up to N20 million, and non-compliant cheques risk being withdrawn from circulation.
A significant addition to the sanctions grid is the fine for the introduction of unapproved security features. Cheque issuers and printers that add unauthorised elements to cheque designs will each be liable for a N10 million fine for every such infraction. The burden of this penalty is shared equally between the bank and the accredited printer or personaliser responsible for the breach.
The revised framework specifies further penalties. Accredited cheque personalisers who fail to submit personalised cheque samples for required tests may face N5 million in fines following audit findings. Cheque personalisers that do not meet mandatory security or quality requirements will be liable to a minimum penalty per instrument. Printers that start print jobs without validated orders may receive a warning initially, escalating to a N1 million fine for repeat transgressions.
Other provisions in the sanctions grid require compliance with operational and reporting protocols. Failure to obtain delivery confirmation for shipped consignments could lead to warnings and increased fines on repeat offences. Insufficient notice of operational changes that might affect accreditation status similarly draws warnings and subsequent penalties. Personnel and entities that do not respond promptly to CBN or MTIC (Monitoring, Testing and Inspection Committee) queries may face daily fines and eventual suspension of accreditation for persistent non-compliance.
The circular underscores the importance of strict adherence to the NCS and NICPAS 2.0. It calls on all Deposit Money Banks and accredited printers and personalisers to align their practices with the updated standards to preserve public trust in Nigeria’s cheque clearing infrastructure. Failure to do so will attract progressively severe financial and operational sanctions aimed at deterrence and enforcement.
The latest policy builds on prior CBN directives that modernised cheque standards and introduced accreditation requirements, with full implementation of revised cheque formats completed in 2021. The current sanctions framework strengthens these earlier measures and signals the CBN’s commitment to rigorous oversight of payment instruments within the financial system.
